The Charity CFO

JANUARY 18, 2022

In this new role, he will serve as one of our in-house experts on existing and emerging nonprofit accounting standards and auditing best practices. In doing so, Zack will help ensure that our clients’ financials are prepared in accordance with general accepted accounting principles (GAAP) and their 990s meet IRS guidelines.

CFO 52

CFO Nonprofit GAAP Accounting Principles 52

CFO Leadership

OCTOBER 18, 2023

How to use AI in Finance & Accounting As we look to the future, the role of AI in finance will likely expand. AI driven automation is expected to extend to more complex tasks such as, audits, risk management, and financial planning and analysis. For instance, could financial statements generated by ChatGPT withstand audit scrutiny?

Accounting 52

Accounting Finance Auditing IFRS 52

The Charity CFO

APRIL 13, 2023

In order to successfully manage the financial health of your nonprofit organization, here are 7 key concepts you should understand: Compliance and Audit Requirements Compliance is the act of ensuring the public that nonprofits are abiding by the rules that allow them to take advantage of tax exempt status and other financial incentives.

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Nonprofit Compliance Accounting Standards Budgeting 52

CFO Share

MARCH 14, 2022

What is the difference between a quality of earnings report and an audit? Audited financial statements focus on compliance with GAAP accounting standards, whereas Quality of Earnings reports focus on the company’s earnings history and potential.

Auditing 52

Auditing GAAP Accounting Principles Profit and Loss 52

VCFO

NOVEMBER 1, 2023

Assessing Accounting For entities preparing GAAP compliant financial statements, adoption of Revenue Recognition Standard (ASC 606) and Lease Accounting Standard (ASC 842) is now mandatory. Read more in our blog about Lease Accounting Updates.) audited or reviewed financial statements).

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Finance Strategic Planning Auditing CFO 88

The Charity CFO

NOVEMBER 10, 2022

Yes, they might have a board member or volunteer who takes care of the finances, but they often lack specific expertise in nonprofit accounting. As a result, the organization might not adhere to Generally Accepted Accounting Principles (GAAP), which can trip them up come tax time or during an audit.

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Nonprofit Accounting Auditing GAAP 52

The Charity CFO

AUGUST 15, 2023

For accountants, this means the profit-generating strategies and investment ideas you bring to the table are still applicable and can make a massive impact. One key differentiator is that what is recorded following GAAP is what will show up on the audit and may not show up on the IRS tax form, Federal Form 990.

Nonprofit 52

Nonprofit Accounting Profit and Loss Budgeting 52

The Charity CFO

JANUARY 21, 2022

If you’re looking for info on fund accounting in government here is a great resource for you. Both Generally Accepted Accounting Principles (GAAP) and Financial Accounting Standards Board (FASB) 116/117 require at least a minimum level of fund reporting, so you’ll need it in order to pass an audit.

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Nonprofit Accounting GAAP Accounting Principles 98

The Charity CFO

JANUARY 5, 2022

To pass an independent audit. Reporting functional expenses has been required by Generally Accepted Accounting Principles (GAAP) since 2017, as detailed in ASU 2016-14. That means you’ll need to present a Functional Expense Report to pass an audit. So you really don’t have a choice, but if you want more reasons….

Nonprofit 96

Nonprofit Auditing Accounting GAAP 96

Spreadym

AUGUST 10, 2023

When choosing the best financial reporting software solution, it's important to consider factors such as ease of use, scalability, integration with existing systems, compliance with accounting standards, cost, customer support, and any unique requirements your organization might have.

Financial Reporting 52

Financial Reporting Financial Planning and Analysis (FP&A) Accounting Standards CFO 52

The Charity CFO

MAY 11, 2023

This can be especially helpful if you don’t have a dedicated staff-person with the expertise level required. When determining your needs, be sure to consider what your complete financial package looks like and where you might need some help.

Nonprofit 52

Nonprofit Communication Auditing GAAP 52

Future CFO

NOVEMBER 2, 2020

Many jurisdictions are moving towards international accounting standards such as International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (GAAP). However, APAC and EMEA take a much more localised approach.

Compliance 40

Compliance IFRS GAAP Accounting Principles 40

BlueLight

JULY 30, 2020

Security and Audit ?—?NetSuite NetSuite role-based permission can be very granular and includes audit trails illustrating who made field level changes including before and after data element changes. GAAP Revenue Recognition Rules Effective December 2018, FASB changed the guidelines to recognizing revenue under ASC 606.

CFO 52

CFO Financial Planning and Analysis (FP&A) Strategic Planning Startups 52

CFO Talks

OCTOBER 1, 2024

The conversation about the underinvestment in intangible assets in South Africa, and the challenges of accounting for these assets (due to subjective accounting treatments), directly impacts how CFOs approach financial reporting. IFRS, US GAAP). The interview highlights how companies that invest more in intangible assets (e.g.,

Leverage 52

Leverage Investments Economics Accounting 52